Hi,
Real New to purchasing land and with the shortage of quality land on Southern GC this looks good
But it has a Body Corp – as 14.95 a week.
Here is the Disclosure statment
Here -> http://home.austarnet.com.au/smoken/Disclosure%20Statement.pdf
Is this a Fee that can increase over time?
Is it Bad to buy property that has a Body corp?
Am i missing something in that Disclosure statement ?Green Aye
Any Help or a point in the right direction would be great
Thanks in advance
Stefan
Seems like this is a community project – easy way to explain is that it's a strata division of land, so the same as buying a unit, except it's land. You don't have full and free title to the property and your activities can be subject to the approval of the body corporate.
Typically, you'll find that land like this is a lot cheaper, but then you're now owning it like a normal freehold / torrents title.
Yes, the body corporate can increase – and in addition, you'll find that if there are community things that need fixing, often that can come at the cost of the group of land owners – similar to if in a unit complex they need to repaint, they get everyone to chip in.
I've seen some of these in NSW, so that is how they work – hope someone corrects me if I'm wrong about SEQ.FS
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